More than 8,800 homes were sold last month, breaking the record for home sales in the month of October.
A monthly report showed that 8,804 homes were sold in October 2015, more than in any other October on record.
The report, published by the Toronto Real Estate Board (TREB), showed approximately 300 more homes were sold in October of this year than October 2014.
The record-breaking October is consistent with trends seen in previous months this year. The Greater Toronto Area (GTA) is on track to break the annual record for homes sold, with 89,135 sold so far.
Annual sales are up 10.3 per cent compared to this time last year. A total of 92,783 homes were sold by the end of 2014.
Last month, TREB President Mark McLean estimated the total number of homes sold in 2015 will reach 100,000 by year-end. Should the mark be reached, 2015 sales will break the previous record of 93,193, set in 2007.
In addition to the increase in homes sold, the average price has grown by $43,531 for the month of October. The average price for a home sold in October 2014 was $587,945, compared to $630,876 this October.
"Record sales coupled with a constrained supply of listings in many GTA neighbourhoods has underpinned very strong price growth through 2015," TREB Director of Market Analysis Jason Mercer said in the report.
"Even if we do see a greater supply of low-rise listings in the marketplace over the next year, market conditions will remain tight enough to see continued price growth."
The report found that the majority of homes sold in October in the City of Toronto were condos and detached homes. More than 1,500 condos were sold in Toronto at an average price of $406,792.
Data showed 1,077 detached homes were sold in October, at an average price of $1,071,394. Semi-detached homes sold for an average of $747,149 in Toronto, while townhouses sold for $579,358.
Outside the city, in the area referred to by the area code 905, detached homes and townhouses had the highest sales. More than 3,000 detached homes were sold at an average price of $734745. The report showed 1,030 townhouses sold for an average of $456,585.
Semi-detached homes sold for an average of $512,234, and condos sold for $318,317.
